AUBURN HILLS, Mich. (WXYZ) - The Detroit Pistons and Tom Gores have announced that the billionaire has agreed to buy the team.

According to a press release by public relations firm Marx Layne, the agreement calls for Gores to buy the team and the rest of the holdings of Palace Sports and Entertainement. No details on price have been released. The deal is expected to close June 30.

“We are pleased to welcome Tom Gores as the new owner of the Detroit Pistons and Palace Sports and Entertainment,” said Karen Davidson. “Just as my late husband, Bill Davidson, was the face of the Pistons, I am confident that Tom will bring the same energy, dedication and love to this organization. I look forward to seeing Tom follow in Bill’s footsteps, and carry on his legacy.”

“From the Pistons players, coaches and front office, who helped bring home three world championships, to the management and staff at the Palace, DTE and Meadow Brook, who earned us international recognition, we look forward to facilitating a smooth transition under Tom and achieving even greater success in the future.”

A formal announcement could come later today. The team is scheduled to play the Milwaukee Bucks tonight at 7:30 p.m.

Gores grew up in the Flint area and went to Michigan State University. His company, Platinum Equity, has invested in 32 companies, including four that were purchased in December, 2010.

He is typically private, avoiding public comment as much as possible. In the statement on the agreement he said, “I am very proud to have this opportunity to be part of such a tremendous organization. I know it’s been a long process and I appreciate the patience and support of the Detroit community. I have been impressed with the Davidson family and the way it has protected and built such a storied franchise. I grew up here, I am glad to be back, and I am very excited about all the possibilities looking forward.”

Now that a deal has been reached, it must be approved by the NBA Board of Governors.